Last week Kadeen Mairs stepped down as CEO of Dolla Financial Services, a micro-finance company he built and successfully listed on the Jamaica Stock Exchange. The listing was well received and the company performed well under his stewardship.

His decision to step down has led to much speculation and he has seen fit to lend greater clarity on what occurred and his plans for the future.

Below is his full statement: 

Since the announcement of my resignation from the post of CEO of Dolla Financial Services Limited, made via the Jamaica Stock Exchange release, I have noted certain comments in the media and have received numerous calls and messages from not only the media, but from concerned family, friends and business associates locally and internationally. While it is not my practise to comment on public speculation and gossip, it has become imperative for me to provide some clarity regarding my resignation to curtail public speculation, misinterpretation and any unease regarding my departure from Dolla. This, I believe, is important to maintain transparency and to protect the sound reputation of myself and Dolla.

Firstly, the decision for my resignation from the post of CEO of Dolla was 100 per cent my own. This decision was not one which was arrived at easily, nor was it taken without much thought, time and consideration.

As some members of the public may know, I have always had a passion for investing in and supporting entrepreneurs who are growing and realising the potential of their own companies. I founded the private equity company, Dequity Capital Management Limited for exactly this reason. In fact, Dequity Capital owns 20 per cent of Dolla.

I have for some time now considered a decision to throw my full weight behind Dequity Capital, but this was not possible as I piloted Dolla Financial during a period of immense growth, where Dolla expanded its services regionally, became listed on the Jamaica Stock Exchange and became a household name locally. While I am extremely proud of the progress Dolla has made, my innate desire of supporting other entrepreneurs like myself to maximise on opportunities for growth has taken over.

As a result, I decided to tender my resignation from the post of CEO of Dolla, with the support of Dolla’s Board of Directors who were grateful for the work I have done, alongside my team, to make the company what it is today.

The term ‘garden leave’ used when announcing my resignation has unfortunately led to public speculation regarding whether I was terminated by Dolla’s board of directors or asked to tender my resignation – I can confirm that neither of these are the case. It is regular practise for companies to reduce the responsibilities of any senior executive/manager who has tendered his/her resignation, and this period of reduced responsibilities is usually termed ‘garden leave’. During this period Dolla will have the opportunity to implement transition plans while I will remain ‘on call’ to assist where necessary in order to facilitate a smooth transition.

While at Dolla, I had the privilege of recruiting, training and working with the most exceptionally dedicated and skilled team of executives, managers, loan officers and collection officers in the industry. We have successfully boosted Dolla from a small loan book to a listed and leading company on the Junior Market of the Jamaica Stock Exchange. These are not the accomplishments a CEO makes alone. I ensured there was a growth and succession plan in place which has facilitated the promotion of Mr. Kenroy Kerr to the position of deputy CEO and subsequently, his appointment to the post of interim CEO.

While I transition out of my role as Dolla’s CEO, I remain a director on the company’s board and continue to maintain substantial interest in the company. I will continue to contribute to Dolla through my directorial role and give my insight as it continues to bring innovative ideas and create pioneering products for its customers regionally.

As this chapter comes to a close, I would like to share that it has been an honour to lead and grow Dolla into a company that serves thousands of customers in Jamaica and Guyana. I am confident that Dolla will continue to be an increasingly strong force in the microfinance industry and will bring innovative ideas and create immense value for its shareholders and its customers. The company continues to be led by an exceptionally dedicated and skilled team of executives and managers and I am grateful for having the opportunity to work with them.